ECONOMIC PROFILE 2021 - GREATER METROWEST

 
ECONOMIC PROFILE 2021 - GREATER METROWEST
GREATER METROWEST
  ECONOMIC PROFILE
                                    2021               ©

By: Maureen Dunne, M.B.A.        Donald MacRitchie, M.A.       Nasim Sabah, Ph.D.
     Lori Lavigne, Ph.D.         Martha Meaney, M.A.           Fahlino Sjuib, Ph.D.
     Laura Lamontagne, Ph.D.     Mary Phelan, M.B.A., C.P.A.   Beverly Soriano, M.S., C.P.A.
     Rongbing Liu, Ph.D.         Luis Rosero, Ph.D.

    With assistance of MERCTM interns: Aline Dropsy, Christine Ortega and David Rabinowitz
ECONOMIC PROFILE 2021 - GREATER METROWEST
Copyright 2021 Framingham State University

      No material from this publication
    may be reproduced in whole or in part
       without the permission of the
MetroWest Economic Research Center (MERC),
        Framingham State University.

     MERC provides regional economic data.
 MERC takes no position on policy issues at any level.

       METROWEST ECONOMIC RESEARCH CENTER
                  Framingham State University
          100 State Street, Framingham, MA 01701-9101
             508-626-4033 | FAX: 508-626-4040
                  www.merc-online.org

            METROWEST ECONOMIC RESEARCH CENTER
                    Framingham State University
           100 State Street, Framingham, MA 01701-9101
                 508-626-4033 – FAX: 508-626-4040
                   www.merc-online.org
ECONOMIC PROFILE 2021 - GREATER METROWEST
GREATER METROWEST

   ECONOMIC PROFILE
                                  2021©

                        TABLE OF CONTENTS

INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

UNEMPLOYMENT.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-9

EMPLOYMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-20

HOUSING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-25

MUNICIPAL REVENUE. . . . . . . . . . . . . . . . . . . . . . . . . . 26-35

K-12 PUBLIC SCHOOL ENROLLMENT. . . . . . . . . . 36-39

APPENDIX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40-43

SOURCES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

ACKNOWLEDGEMENTS. . . . . . . . . . . . . . . . . . . . . . . . 45
ECONOMIC PROFILE 2021 - GREATER METROWEST
INTRODUCTION
Greater MetroWest (GMW) includes thirteen communities located between Boston and Worcester: the nine towns of
the MetroWest Cohesive Commercial Statistical Area (CCSA), and the four communities of the Greater Marlborough
Region. With a population of just under 300,000, the region hosts a well-educated and highly-skilled labor force
of more than 164,000 individuals who reside in households with high incomes when compared to the state and the
nation. Strategically located between Boston and Worcester, GMW benefits from four major highways serving the
region’s residents and businesses: Interstate 495, Interstate 90 (Massachusetts Turnpike) and U.S. routes 9 and 20.

Greater MetroWest establishments generated 191,879 jobs and a payroll of nearly $15.5B in 2019. The region provided
4.5% of the Massachusetts labor force, 5.3% of Massachusetts employment, and 5.6% of Massachusetts payroll.
Home to thousands of small and medium sized businesses as well as large national firms such as, Bose, Boston
Scientific, Cumberland/Gulf, Dell/EMC, GE Healthcare Life Sciences, Intel, Kidde-Fenwal, Mathworks, Quest
Diagnostics, Raytheon, Sanofi Genzyme, Staples, TJX, and the internationally-known U.S. Army Natick Laboratories,
GMW is a recognized center of research and development, wholesale and retail trade, and corporate headquarters.

                                                                                                                              Hudson
                                                                                                                                                        Sudbury
                                                                                             Hudson
                                                                                            $439,000

                                                 Hudson
                                                                      Sudbury                                                 Marlborough                            Wayland
                                              Marlborough                          Wayland

                               Northborough
                                                                 Framingham
                                                 Southborough
                                                                                     Natick

                                                                                                           Northborough
                                   Westborough
                                                                Ashland

                                                                                 Sherborn
                                                 Hopkinton

                                                                  *.)Holliston

                                                                                                                                                 Framingham
                                                                                                                               Southborough
                                                                                                                                                                       Natick
                                                                                                                Westborough
                                                                                                                                              Ashland

                                                                                                                                                                  Sherborn
                                                                                                                                Hopkinton

                                                                                                                                               *.) Holliston

The 2021 Greater MetroWest Economic Profile includes the most recent economic data for the region and its
individual communities, and trends over several years as well as comparisons with the state and the nation. This
comprehensive publication provides economic data and analyses of labor force and unemployment, employment
(including payroll, wages and establishments), existing home sales, municipal revenue, municipal taxes, and K-12
public school enrollment.

The MetroWest Economic Research Center (MERC) at Framingham State University creates and maintains economic
databases on a number of regional economies in the state. For more information on the data and analyses in this
report, please contact MERC.*

* Due to the COVID-19 Pandemic, MERC was unable to conduct the Cost of Living survey this year. Therefore, the MetroWest
   Cost of Living section is not included in this report.

                                                                                                       4
ECONOMIC PROFILE 2021 - GREATER METROWEST
UNEMPLOYMENT
        UNEMPLOYMENT

E      ch month, the MetroWest Economic Research
      a
      Center (MERC) at Framingham State University
calculates a composite unemployment rate for
                                                               those individuals who work as paid employees, are
                                                               self-employed, or who work 15 hours or more as unpaid
                                                               workers in a family-operated enterprise. Also included
the Greater MetroWest region, which includes                   as employed are people who did not work, but who
MetroWest and the Greater Marlborough Region.                  had a job from which they temporarily were absent
The unemployment rate is household-based and                   due to vacation, illness, childcare problems, or other
reflects the labor market status of the residents of the       personal obligations, whether or not they were paid
regions. The information for the rate is obtained from         during their absence. The unemployed are those
the Massachusetts Executive Office of Labor and                who did not hold a job during the survey period but
Workforce Development (MA EOLWD) which provides                were actively seeking employment. For example, the
monthly estimates of the size of the local labor force,        January 2021 unemployment rate in Framingham of
the number of employed and unemployed residents,               5.8% was based on the following information: the size
and the unemployment rates for all Massachusetts               of the labor force was estimated at 40,993 workers,
cities and towns.                                              the sum of 38,601 residents who were employed and
                                                               2,392 residents who were unemployed. The rate,
                                                               expressed as a percentage, was obtained by dividing
                                                               the unemployed (2,392) by the labor force (40,993)
                                                               and multiplying by 100 to get the unemployment
                                                               rate of 5.8%.

                                                               Not everyone in the working age population is included
                                                               in the labor force. Individuals who were in the working
                                                               age population, but who could not be classified as
                                                               employed or unemployed (a full-time homemaker, for
                                                               example) would not be counted in the labor force.

                                                               The local area unemployment rates for the cities
                                                               and towns are not seasonally adjusted and are
                                                               subject to periodic revision and re-benchmarking.
                                                               For purposes of comparison, the state and national
                                                               unemployment rates shown in this report are likewise
                                                               not seasonally adjusted.1
The unemployment rate is a measure of the amount of
unutilized labor in the economy. The rate represents
the proportion of unemployed individuals in the                  
                                                               1 Thedefinition of terms such as labor force, employed, and unemployed
labor force. The labor force is defined as all civilian
                                                                are based on those in The BLS Handbook of Methods, U.S. Bureau of
non-institutionalized persons age 16 and over who are           Labor Statistics, 2015.
either employed or unemployed. The employed are

                                                           5
ECONOMIC PROFILE 2021 - GREATER METROWEST
UNEMPLOYMENT
                         1990 - 2020 ANNUAL UNEMPLOYMENT RATES
                                                 MW, GMR, MA and US

	
 The annual unemployment rates for               10%
 MetroWest (MW), the Greater Marlborough          9%
 Region (GMR), Massachusetts, and the             8%
 United States from 1990 to 2020 are
                                                  7%
 calculated by averaging the monthly
 unemployment rates for each year.                6%
                                                  5%
	
 MW posted an unemployment rate of 6.9%
                                                  4%
 in 2020 while GMR posted an unemployment
 rate of 7.7% for the same year. Both MW’s        3%
 and GMR’s rates were lower than the              2%
 Massachusetts’ and the United States’            1%
 rate of 8.9% and 8.1%, respectively.             0%
	
                                                         1990
                                                          1991
                                                          1992
                                                          1993
                                                          1994
                                                          1995
                                                          1996
                                                          1997
                                                          1998
                                                          1999
                                                         2000
                                                         2001
                                                         2002
                                                         2003
                                                         2004
                                                         2005
                                                         2006
                                                         2007
                                                         2008
                                                         2009
                                                         2010
                                                         201 1
                                                         2012
                                                         2013
                                                         2014
                                                         2015
                                                         2016
                                                         2017
                                                         2018
                                                         2019
                                                         2020
 As a reflection of the economic impact
 caused by the COVID-19 Pandemic, between
 2019 and 2020, both MW and GMR experienced                           MW            GMR             MA              US
 a significant increase in their unemployment
 rates by 4.7 and 5.1 percentage points, respectively.                          Source: MA EOLWD and MERC

	
 Massachusetts and the United States both experienced increases in their unemployment rates from 2019 to 2020 by 5.9 and
 4.4 percentage points, respectively.
	
 Despite the COVID-19 Pandemic, MW and GMR still posted annual unemployment rates lower than both Massachusetts and the
 United States with the exception of 1991 when GMR recorded higher annual unemployment rate than the nation.

DECEMBER 1990 - JANUARY 2021 GMW MONTHLY UNEMPLOYMENT RATES

	
 This graph examines the monthly unemployment          16%
 rates and the 12-month moving average rates           14%
 for MetroWest (MW, shown in green) and the
 Greater Marlborough Region (GMR, shown in             12%
 orange) from December 1990 to January 2021.           10%
 The 12-month moving average smooths the
 month-to-month variation of the data.                   8%

	
 MW and GMR reached their highest                        6%
 unemployment rate of 1 1.9% and 14.3%                   4%
 respectively in April 2020. Both peaks were
 the result of the COVID-19 Pandemic economic            2%
 impact. MW and GMR reached their lowest                 0%
 unemployment rates of 1.6% and 1.7%
                                                              Dec-90
                                                              Dec-91
                                                              Dec-92
                                                              Dec-93
                                                              Dec-94
                                                              Dec-95
                                                              Dec-96
                                                              Dec-97
                                                              Dec-98
                                                              Dec-99
                                                              Dec-00
                                                              Dec-01
                                                              Dec-02
                                                              Dec-03
                                                              Dec-04
                                                              Dec-05
                                                              Dec-06
                                                              Dec-07
                                                              Dec-08
                                                              Dec-09
                                                              Dec-10
                                                              Dec-1 1
                                                              Dec-12
                                                              Dec-13
                                                              Dec-14
                                                              Dec-15
                                                              Dec-16
                                                              Dec-17
                                                              Dec-18
                                                              Dec-19
                                                              Dec-20

 respectively in October 2000.
	
 The unemployment rate in MW in January 2021 was
                                                                   MW Unemployment Rate             MW 12-Month Moving Average
 5.5% which decreased by 0.2 percentage points from
                                                                   GMR Unemployment Rate            GMR 12-Month Moving Average
 5.7% of the previous month. GMR’s unemployment rate
 in January 2021 was 6.4%, a slight increase of 0.1 percentage                     Source: MA EOLWD, MERC

 points from the previous month’s rate in December 2020 of 6.3%.
	
 The 12-month moving averages in both MW and GMR followed a similar pattern with their monthly rates from December 1990
 through January 2021. GMR rates tend to be slightly higher than MW rates throughout the years.

                                                              6
ECONOMIC PROFILE 2021 - GREATER METROWEST
UNEMPLOYMENT
                         JANUARY 2021 GMW UNEMPLOYMENT RATES
                                                                                            By Community

	
 In January 2021, all thirteen communities              8.0%                                                                                                                                7.5%
  in Greater MetroWest (GMW) posted                                                            7.0%                        6.7% 7.0%                                                                6.8%
                                                                                                             6.6%
  unemployment rates lower than the                          7.0%
  state’s rate of 7.5%.                                                                               5.8%                                    5.7%                      5.8%          6.0%
                                                         6.0%
                                                                                                                    5.3%                                    5.1% 5.1%          5.3%
	
 All the communities in GMW posted                                                                                                     5.0%          4.7%
                                                          5.0%
 unemployment rates lower than that
 of the nation’s rate of 6.8% except for                4.0%
 Ashland and Marlborough.
                                                          3.0%
	
 Among the thirteen communities,
 Sherborn was the community that                          2.0%
 recorded the lowest unemployment rate
                                                               1.0%
 of 4.7%, followed by Natick at 5.0%, and
 Southborough and Sudbury both at 5.1%.                                            0%
	
 The highest unemployment rates in the
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 region were recorded by Ashland and
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 Marlborough at 7.0%, followed by Hudson
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 at 6.7% and Holliston at 6.6%. These were
                                                                                                                                Source: MA EOLWD and MERC
 the four communities in the region that
 experienced higher unemployment rates
 than GMW’s rate of 6.0%.

   JANUARY 1990 - JANUARY 2021 GMW LABOR FORCE VS. UNEMPLOYED

	
 This graph uses two different scales to                                                   175,000                                                                                               25,000
                                                Number of Individuals in the Labor Force

 compare the labor force, shown in blue                                                    170,000

                                                                                                                                                                                                           Number of Unemployed Individuals
 on the left-hand scale, to the number of                                                  165,000                                                                                               20,000
 unemployed individuals, shown in red on
                                                                                           160,000
 the right-hand scale, in Greater MetroWest
 (GMW) from January 1990 to January                                                        155,000                                                                                               15,000
 2021. The labor force includes individuals                                                150,000
 aged 16 years and older who were either                                                   145,000                                                                                               10,000
 employed or unemployed. An individual                                                     140,000
 is unemployed if he or she did not have
                                                                                           135,000                                                                                               5,000
 a job but was actively seeking employment.
                                                                                           130,000
	
 GMW totaled 164,204 individuals in the
                                                                                           125,000                                                                                               0
 labor force in January 2021. The highest
                                                                                                     Jan-90
                                                                                                      Jan-91
                                                                                                     Jan-92
                                                                                                     Jan-93
                                                                                                     Jan-94
                                                                                                     Jan-95
                                                                                                     Jan-96
                                                                                                     Jan-97
                                                                                                     Jan-98
                                                                                                     Jan-99
                                                                                                     Jan-00
                                                                                                      Jan-01
                                                                                                     Jan-02
                                                                                                     Jan-03
                                                                                                     Jan-04
                                                                                                     Jan-05
                                                                                                     Jan-06
                                                                                                     Jan-07
                                                                                                     Jan-08
                                                                                                     Jan-09
                                                                                                      Jan-10
                                                                                                      Jan-1 1
                                                                                                      Jan-12
                                                                                                      Jan-13
                                                                                                      Jan-14
                                                                                                      Jan-15
                                                                                                      Jan-16
                                                                                                      Jan-17
                                                                                                      Jan-18
                                                                                                      Jan-19
                                                                                                     Jan-20
                                                                                                      Jan-21

 recorded number of individuals in the
 region was in July 2018 with 170,808
                                                                                                                            GMW Labor Force                  GMW Unemployed
 individuals. The lowest recorded number
 of individuals in the labor force was in May                                                                                   Source: MA EOLWD and MERC
 1991 at 139,225 individuals.
	
 In January 2021, GMW reported 9,546 unemployed individuals. The region registered its lowest number of unemployed
 individuals in October 2000 with 2,498 individuals. The COVID-19 Pandemic caused the number of unemployed in GMW to
 reach a record high in June 2020 at 19,157 individuals.

                                                                                                         7
ECONOMIC PROFILE 2021 - GREATER METROWEST
UNEMPLOYMENT
                      JANUARY 2021 GMW NUMBER
                                           Hudson
                                                 OF UNEMPLOYED
                                                            Total 9,546
                                                                     $439,000

                                                                                    	
                                                                                     In January 2021, the total number of unemployed
                                                                                     individuals in Greater MetroWest area (GMW)
                     Hudson                                                          was 9,546.
                      709                         Sudbury
                                                    478                             	
                                                                                     Framingham and Marlborough each reported
                     Marlborough                                Wayland              more than 1,000 unemployed individuals
                        1,620                                    412                 within the entire GMW. These two communities
Northborough                                                                         combined, accounted for 42.0% of the entire
     452                                    Framingham                               number of unemployed individuals in the region.
                       Southborough            2,392
                            271                                   Natick
                                                                                     This implied that 4 out 10 individuals who did
                                                                   998               not have a job in GMW resided within these two
       Westborough                                                                   communities. Natick presented the third largest
           548                          Ashland
                                          588                                        number of unemployed for the region, with
                                                             Sherborn                998 individuals.
                       Hopkinton                               106
                         473                                                        	
                                                                                     The communities with the lowest number of
   0 - 500                                *.) Holliston                              unemployed individuals in the labor force
                                                499
   501 - 1,000                                                                       were Sherborn with 106 individuals, followed
   1,000+                                                                            by Southborough with 271 individuals and
                                                                                     Wayland with 412 individuals. Together, these
                                                                                     three communities accounted for just about
                           Source: MA EOLWD, MERC                                    8.3% of the total unemployed individuals in
                                                                                     the region.

                           JANUARY 2021 GMW TOTAL LABOR FORCE
                                                          Total 164,204

	
 In January 2021, the total number of individuals                             Westborough               Ashland
 in the labor force in Greater MetroWest (GMW)                                    6.4%                   6.4%
 was 164,204 individuals.                                               Wayland
                                                                     4.3%
	
 The nine communities that make up MetroWest                   Sudbury
 (MW) accounted for 112,111 individuals or about                 5.7%
 two-thirds of the total labor force in GMW. The     Southborough
 four communities in the Greater Marlborough             3.3%
 Region (GMR) accounted for 52,093 individuals                                                                           Framingham
                                                            Sherborn                                                       25.0%
 or about one-third of the total labor force in GMW.          1.4%
	
 Among the communities in GMW, Framingham
 was the largest contributor to the total labor           Northborough
 force during January 2021 with 25.0% or 40,993               4.8%
 individuals. The second largest contributor to the
                                                                                                                         Holliston
 labor force in the region was Marlborough with
                                                                   Natick                                                 4.6%
 14.1% or 23,210 individuals, followed by Natick                    12.1%
 with 12.1% or 19,923 individuals. Together, these                                                            Hopkinton
 three communities accounted for about half of                            Marlborough         Hudson              5.5%
 the region’s total labor force.                                             14.1%             6.4%
	
 Of the thirteen communities, the smallest contributors                             Source: MA EOLWD, MERC
 to the total labor force in GMW were Sherborn with only
 1.4% or 2,246 individuals, followed by Southborough with 3.3% or 5,347 individuals and Wayland with 4.3% or 7,071 individuals.
 Combined, these three communities accounted for 9.0% of the total labor force in the GMW.

                                                                   8
UNEMPLOYMENT
                            1990 - 2019 GMW JOBS VS. LABOR FORCE

	
 The total number of jobs, depicted in          200,000
 green, refers to the total number of           180,000
 jobs in establishments located in              160,000
 Greater MetroWest (GMW). The total
                                                140,000
 number of individuals in the labor force,
                                                120,000
 depicted in blue, consists of residents
 in GMW that are currently employed             100,000
 or unemployed.                                  80,000
	
 Between 1990 and 1996, the number               60,000
 of jobs in GMW was less than the            40,000
 number of individuals in the labor          20,000
 force, indicating that the region was            0
 a net exporter of labor during this                       1990
                                                           1991
                                                           1992
                                                           1993
                                                           1994
                                                           1995
                                                           1996
                                                           1997
                                                           1998
                                                           1999
                                                          2000
                                                          2001
                                                          2002
                                                          2003
                                                          2004
                                                          2005
                                                          2006
                                                          2007
                                                          2008
                                                          2009
                                                          2010
                                                           201 1
                                                          2012
                                                          2013
                                                          2014
                                                          2015
                                                          2016
                                                          2017
                                                          2018
                                                          2019
 seven-year period. From 1997 to 2019,
 however, the number of jobs in GMW                                                                   LF               Jobs
 was greater than the number of individuals
 in the labor force, meaning that the region                                                Source: MA EOLWD and MERC

 was a net importer of labor.
	
 From 1990 through 2019, the total number of jobs reached its peak in 2018 with 191,886 job offers and in 2019, the region
 recorded its greatest number of individuals in the labor force with 167,511 individuals.
	
 In 2019, the total number of jobs in GMW was 191,879, about 24,368 jobs more than the number of individuals in the region’s
 labor force.

                             JUNE 2020 GMW JOBS VS. LABOR FORCE
                                                          By Community

	
 The total number of jobs, shown in green, is       45,000
 compared to the total number of people in          40,000
 the labor force, shown in blue, for each
                                                    35,000
 community in Greater MetroWest (GMW).
 Jobs refer to the number of jobs in the            30,000
 establishments that are located in each            25,000
 community while the labor force consists of        20,000
 all residents in each community who are
                                                     15,000
 either employed or unemployed.
                                                     10,000
	
 As of June 2020, there was a total of 168,042
                                                  5,000
 jobs in GMW. Framingham had the highest
 number of jobs available during this month           0
 with 40,642 jobs, followed by Marlborough
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 with 29,698 jobs, Westborough with 23,578,
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 and Natick with 18,634 available jobs. Combined,
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 these four communities contributed two-thirds
 of the total available jobs in the region.                                                 Jobs                  Labor Force

	
 Hopkinton, Marlborough, Northborough,                                             Source: MA EOLWD and MERC
 Southborough, and Westborough had more jobs
 available than individuals in the labor force, indicating that these five communities were net importers of labor.
	
 The remaining eight communities, however, had more individuals in the labor force than number of jobs available, implying that
 these eight communities were net exporters of labor.

                                                                     9
EMPLOYMENT

T     e MetroWest Economic Research Center
     h
     (MERC) at Framingham State University
maintains an employment database for the
                                                              subject to the law, who worked full-time or part-time
                                                              within the thirteen communities of Greater MetroWest.
                                                              Annual payroll includes all wages and salaries
MetroWest CCSA™, the Greater Marlborough                      paid to covered employees including commissions,
Region, the South Shore CCSA™, the 495/MetroWest              bonuses, stock options, overtime and sick pay.
region, the Blackstone Valley region, and other               The average annual wage is derived by dividing
substate economies. MERC has documented major                 the gross annual payroll by the average annual
changes in regional employment, industrial structure          employment. Establishment or place of work refers
and wages since 1980. For this 2021 publication,              to an economic unit that produces goods or services
MERC has developed data for the Greater MetroWest             at a single location and is engaged in one type of
region (GMW).                                                 economic activity. A firm, therefore, may have one or
                                                              more establishments where work is produced. More
MERC research relies on the Massachusetts                     complete definitions are included in the Appendix.
Executive Office of Labor and Workforce
Development (MA EOLWD) ES-202 series to
develop time series data for employment, payroll,
wages and establishments 1 in the Greater MetroWest
region and Massachusetts. ES-202 data are derived
from quarterly census reports filed by all employers
subject to unemployment laws, both state and federal,
and cover 98% of all U.S. jobs. More than 150,000 MA
employers subject to unemployment compensation
laws participate in the quarterly census. In addition,
MERC research relies on the U.S. Bureau of Labor
tatistics Quarterly Census of Employment and
Work for national employment, payroll, wages, and
establishment data. This publication will include the
latest annual employment data for 2019 and quarterly
employment data for 2020, Quarters 1 and 2.                   Please note that all data and analysis included in
                                                              this section (Greater MetroWest – Employment) refer
In 2001, the North American Industry Classification
                                                              to business establishments, not residents, located
System (NAICS) permanently replaced the Standard
                                                              within the thirteen communities. Please also note that
Industrial Classification (SIC) system which was in
                                                              totals may not always add due to rounding.
use for the previous 70 years. NAICS groups together
establishments that use the same processes to
produce goods and services. For a more detailed                 
                                                              1 Thedefinitions of terms are based on those in the Handbook of U.S.
description of NAICS categories as used in this
                                                               Labor Statistics (1998), Employment and Wages in Massachusetts and
publication, please see the Appendix.                          the Major Metropolitan Statistical Areas Annual Averages 1993-1996,
                                                               the North American Industry Classification System – United States,
In the ES-202 series, employment refers to the                 2002, www.bls.gov/cew, and MA EOLWD, Employment and Wages
count of all persons on the payroll of establishments          by Industry and Area (ES202).

                                                         10
EMPLOYMENT
                                2019 GMW EMPLOYMENT BY SUPERSECTOR
                                                PBS, TTU, Ed. & Health, Mfg Led

                                 NRM
                                                                                    	
                                                                                     In 2019, Greater MetroWest (GMW) employment
                  Public          0%                Construction                     remained level at 191,900 jobs, approximately equal
                   10%                                   4%                          to 2018 GMW employment.
   Other Services
                                                                                    	
                                                                                     Professional and Business Services (PBS) generated the
          3%
                                                              Manufacturing          largest share of GMW employment with 45,600 jobs or
                                                                      1 1%           24% of the regional total. Trade, Transportation and Utilities
                                                                                     (TTU) produced the second largest share at 35,500 jobs
Leisure & Hosp.                                                                      or 19%. Education and Health Services (Ed. & Health)
     8%                                                                              ranked third with 26,300 jobs or 14% of GMW employment,
                                                                                     followed by Manufacturing with 22,000 jobs or 1 1%.
                                                                       TTU          	
                                                                                     Together, these four NAICS supersectors: PBS, TTU,
   Ed. & Health                                                        19%
                                                                                     Education and Health, and Manufacturing, combined,
       14%
                                                                                     produced 129,400 jobs, over two-thirds of GMW
                                                                                     employment.
                                                              Information           	
                                                                                     Two supersectors provided between 8% and 10% of
                                                                   4%
                                                                                     regional employment: Public (18,500 or 10%) and Leisure
                         PBS                   Financial Activities                  and Hospitality (16,000 or 8%).
                      24%                               3%
                                                                                    	
                                                                                     The five remaining supersectors: Construction (4%),
                  Total Employment = 191,900                                          Information (4%), Financial Activities (3%), Other Services
                                                                                     (3%), and Natural Resources and Mining (NRM) each
                               Source: MA EOLWD, MERC
                                                                                     contributed less than 5% of regional employment in 2019.

           2018 - 2019 NET CHANGE GMW EMPLOYMENT BY SUPERSECTOR

 	
  Greater MetroWest (GMW) employment totaled                    -600              -400        -200          0              200         400       600
  191,900 jobs in 2019, unchanged from 2018.                                                                    NRM
 	
  From 2018 to 2019, four NAICS supersectors                                                                    Construction
  combined, gained 1,420 jobs. During the same
                                                                                                                Manufacturing
  period, seven supersectors combined, lost
  a similar number of jobs. These offsetting                                                                    TTU
  employment gains and losses resulted in total                                                                 Information
  GMW employment remaining unchanged in 2019.
                                                                                                                Financial Activities
 	
  Among all supersectors, Professional and
  Business Services (PBS) generated the largest                                                                 PBS
  absolute gain, adding 500 jobs (1%), followed                                                                 Ed. & Health
  by Education and Health, up 460 jobs (1.8%).
                                                                                                                Leisure & Hosp.
  Information had the largest percentage gain,
  adding 330 jobs (4.6%). Public had the smallest                                                               Other Services
  gain, up 130 jobs (0.7%).                                                                                     Public
 	
  Among all supersectors, Manufacturing suffered the
                                                                                                  Source: MA EOLWD, MERC
  largest absolute decline, losing 580 jobs (-2.6%) while
  Construction suffered the largest percentage decline losing 540 jobs (-6.1%).
 	
  Five more supersectors also lost jobs in 2018-19. Financial Activities lost 130 jobs (-2%) and Trade, Transportation and
  Utilities (TTU) lost 90 jobs (0.2%). Other Services and Leisure and Hospitality also lost employment, losing 60 jobs (-1.1%)
  and 20 jobs (-0.1%) respectively, while NRM lost fewer than 10 jobs.

                                                                             11
EMPLOYMENT
                                               2019 GMW EMPLOYMENT
                                                         By NAICS Sector

	
 Greater MetroWest (GMW) employment                                        NRM
 totaled 191,900 jobs in 2019, virtually                          Construction
 unchanged from one year earlier.                                Manufacturing
                                                                        Utilities
	
 The largest NAICS sector in terms of                         Wholesale Trade
 GMW employment was Health Care                                    Retail Trade
 and Social Assistance with 22,400 jobs             Transport.  & Warehousing
                                                                   Information
 (1 1.7%). Retail Trade was the next largest               Finance & Insurance
 NAICS sector at 22,100 jobs (1 1.6%),             Real Estate, Rental, Leasing
 followed by Manufacturing with 22,000                 Prof/Sci/Tech. Services
 jobs (1 1.5%), Professional, Scientific and       Management of Companies
 Technical Services (Prof/Sci/Tech.)                 Admin. & Waste Services
                                                          Educational Services
 which provided 21,000 jobs (1 1.0%),
                                                Health Care, Social Assistance
 and Public at 18,500 jobs (9.6%).           Arts, Entertainment & Recreation
	                                            Accommodation, Food Services
 Three sectors generated between
                                                                Other Services
 10,000 and 15,000 jobs: Accommodation                                   Public
 and Food Services (12,900 or 6.7%),
                                                                                    0   5,000     10,000      15,000     20,000   25,000
 Administrative and Waste Services (12,400
 or 6.5%), and Management of Companies (12,200 or 6.3%).                                        Source: MA EOLWD, MERC

	
 Construction, Wholesale Trade, Information and Other Services each produced between 5,000 and 10,000 jobs, while the
 Finance and Insurance sector generated 4,900 jobs. These five sectors combined provided 33,100 jobs, or 17.2% of GMW jobs.
	
 The remaining six sectors combined, produced 14,900 jobs (7.8%) in 2019.

                                  2019 GMW PAYROLL BY SUPERSECTOR
                                                PBS Highest, Tops $5 Billion

	
 In 2019, total payroll in the Greater MetroWest
                                                                      NRM
 Region (GMW) reached a historical high of
 $15.4 billion, increasing by $457 million, or               Construction
 3% from 2018.                                              Manufacturing
	
 Among all supersectors, Professional and                             TTU
 Business Services (PBS) generated the largest                Information
 payroll in 2019, $5.1 billion or one-third of
                                                        Finance Activities
 the total GMW payroll. Manufacturing,
 the region’s fourth largest supersector in                           PBS
 employment, produced $2.7 billion or 17%.                    Ed. & Health
 Trade, Transportation and Utilities (TTU),
                                                           Leisure & Hosp.
 second in employment, ranked third in payroll
 with $2.1 billion or 13% of regional payroll.             Other Services
 These three supersectors combined, generated                       Public
 $9.8 billion, or 64% of GMW payroll.
                                                                     0         1         2         3           4         5            6
	
 Three more supersectors each exceeded $1 billion                                               $ Billion
 in payroll: Education and Health ($1.3 billion) and
 Public ($1.3 billion) each contributed over 8% of GMW payroll, followed closely by Information ($1.1 billion), contributing
 7%. Combined, these three supersectors produced nearly one-quarter of GMW payroll in 2019.
	
 The five remaining supersectors: Construction, Financial Activities, Leisure and Hospitality, Other Services, and Natural
 Resources and Mining (NRM) each contributed 5% or less of total regional payroll.

                                                                     12
EMPLOYMENT
                                                 2019 GMW PAYROLL
                                                     By NAICS Sector

	
 The total payroll generated by firms located                                           NRM
 in Greater MetroWest (GMW) reached a new                                      Construction
                                                                              Manufacturing
 record of $15.4 billion in 2019, up 3.0% from
                                                                                     Utilities
 one year earlier.                                                         Wholesale Trade
	                                                                              Retail Trade
 Among the NAICS sectors, two sectors,                           Transport. & Warehousing
 Manufacturing and Professional, Scientific and                                 Information
 Technical Services (Prof/Sci/Tech.), led the way.                      Finance & Insurance
 Each sector produced 17.4% of regional payroll,                Real Estate, Rental, Leasing
                                                                    Prof/Sci/Tech. Services
 $2.7 billion each. These were the only sectors
                                                                Management of Companies
 generating more than $2 billion in total payroll.                Admin. & Waste Services
	                                                                     Educational Services
 The next four largest sectors all had payrolls              Health Care, Social Assistance
 between $1 billion and $2 billion: Management            Arts, Entertainment & Recreation
 of Companies ($1.8 billion), Public ($1.3 billion),       Accommodation, Food Services
 Health Care and Social Assistance ($1.1 billion)                             Other Services
                                                                                      Public
 and Information ($1.1 billion). These comprised
 the six largest sectors in terms of payroll, combined,                                          0                  $1                 $2          $3
  to generate almost 70% of total GMW payroll.                                                                             Billions
                                                                                                                Source: MA EOLWD, MERC
	
 Four NAICS sectors: Retail Trade, Wholesale Trade,
 Construction, and Administrative and Waste Services each contributed between $500 million and $1 billion in payroll.
	
 The remaining nine sectors each generated less than $500 million in payroll. Combined, these nine NAICS sectors produced
 a total payroll of $2.0 billion or 12.6% of the region’s total payroll.

                              GMW AVERAGE WAGE BY SUPERSECTOR
                                     Info, Mfg, PBS Wages Highest in 2019

	
 In 2019, the average annual wage for Greater             $160,000
 MetroWest (GMW) reached a historical high                $140,000
 of $80,500, up 3.1% from 2018.
                                                          $120,000
	
 Among all supersectors, Information generated
                                                     $100,000
 the region’s highest annual average wage,
 $148,700, followed by Manufacturing ($122,100),      $80,000                                                                                     GMW
                                                                                                                                                  MA
 PBS ($111,300), and Financial Activities ($93,550). $60,000                                                                                      US
	
 The average wages in five GMW supersectors:              $40,000
 Construction, Manufacturing, Information,
                                                          $20,000
 Financial Activities and PBS, exceeded the
 GMW average wage, the state average wage of                    $0
 $75,500 and the U.S. average wage of $59,200.
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 However, the average annual wages in five GMW
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 Transportation and Utilities, Education and Health,
                                                                                           Fi

 Leisure and Hospitality, and Other Services were                              Source: MA EOLWD, US BLS, MERC
 lower than the regional, state and U.S. average annual
 wages. The average wage in the Public sector was lower than the state average wage, but higher than the U.S. average wage.
	
 Leisure and Hospitality posted the lowest annual average wage, $24,900. In 2019, the average annual wage in the Leisure and
 Hospitality supersector was one-sixth of the average wage in the Information supersector.

                                                                     13
EMPLOYMENT
                                               2019 GMW AVERAGE WAGE
                                                           By NAICS Sector

  	
   In 2019, the average annual wage in Greater                                             NRM
   MetroWest (GMW) was $80,500, up 3.1%                                           Construction
   from 2018.                                                                    Manufacturing
                                                                                        Utilities
  	
   Information led all NAICS sectors with an                                  Wholesale Trade
   average annual wage of $148,700, followed                                       Retail Trade
                                                                    Transport. & Warehousing
   by Management of Companies, at $146,400 and                                     Information
   Utilities with an average wage of $143,400.                             Finance & Insurance
                                                                   Real Estate, Rental, Leasing
  	
   Five additional sectors provided annual wages                       Prof/Sci/Tech. Services
   higher than the GMW average wage: Professional,                 Management of Companies
   Scientific and Technical Services (Prof/Sci/Tech.)                Admin. & Waste Services
   ($127,100), Manufacturing ($122,100), Wholesale                        Educational Services
                                                                Health Care, Social Assistance
   Trade ($100,100), Finance and Insurance
                                                             Arts, Entertainment & Recreation
   ($98,400) and Construction ($83,600).                      Accommodation, Food Services
  	                                                                             Other Services
   Offering average annual wages between $50,000
                                                                                         Public
   and $80,000, were five NAICS sectors: Real Estate,
   Rental and Leasing ($77,100), the Public sector ($69,300),                                       0     $50,000         $100,000    $150,000
   Transportation and Warehousing ($50,500), Health Care and                                                Source: MA EOLWD, MERC
   Social Assistance ($50,100) and Administrative & Waste Services ($50,000).
  	
   Four of the remaining six sectors, Natural Resources and Mining (NRM), Educational Services, Other Services and Retail Trade
   paid wages in the $30,000 to $50,000 range. Accommodation and Food Service ($25,300) and Arts, Entertainment and
   Recreation ($23,000) produced the lowest average wages in the region.

                           2019 GMW ESTABLISHMENTS BY SUPERSECTOR
                                      PBS, TTU, Ed. & Health, Other Services Led

                           Public          NRM                                       	
                                                                                      In 2019, Greater MetroWest (GMW) establishments
                            301             34           Construction                 or separate places of work reached a record 1 1,760,
     Other Services        (3%)            (0%)                                       increasing by 190 or 1.7% from 2018.
                                                             1,013
         1,075                                               (9%)
            (9%)                                                                     	
                                                                                      Professional and Business Services (PBS) led with the
                                                                                      most establishments in the region, 2,800, or 24% of
                                                             Manufacturing            the region’s total establishments. Trade, Transportation
                                                                    407               and Utilities (TTU) ranked second with 2,070, or 18%
Leisure & Hosp.                                                     (3%)
                                                                                      of the region’s establishments, followed by Education
     947
     (8%)                                                                             and Health Services with 1,940 or 16% of the region’s
                                                                      TTU             establishments. These three supersectors combined
                                                                     2,066            contributed 6,800 or 58% of all GMW establishments.
                                                                     (18%)
  Ed. & Health                                                                       	
                                                                                      Four GMW supersectors: Other Services, Construction,
     1,937                                                                            Leisure and Hospitality, and Financial Activities each
      (16%)                                                       Information         contributed between 8% and 10% of all establishments.
                                                                     290              Combined, these four supersectors were home to
                                                                     (2%)
                                                                                      3,930 establishments or one-third of the region’s
                   PBS                              Financial Activities              establishments.
                   2,799                                   893                       	
                   (24%)                                   (8%)                       The remaining four supersectors each contributed
                                                                                      4% or less of the regional establishments:
                                                                                      Manufacturing (MFG), Public, Information, and
              Total Establishments = 1 1,760
                                                                                      Natural Resources & Mining (NRM).
                           Source: MA EOLWD, MERC

                                                                           14
EMPLOYMENT
                                       2019 GMW ESTABLISHMENTS
                                                     By NAICS Sector

	
 In 2019, the total number of establishments or                                    NRM
 separate places of work in the Greater MetroWest                         Construction
                                                                         Manufacturing
 region (GMW) was 1 1,760, up 1.7% from 2018.                                   Utilities
	                                                                    Wholesale Trade
 Professional, Scientific and Technical Services                           Retail Trade
 (Prof/Sci/Tech.) led all NAICS sectors with the            Transport. & Warehousing
 largest number of establishments, 1,990, or 16.9%                         Information
 of all regional establishments.                                   Finance & Insurance
                                                           Real Estate, Rental, Leasing
	
 Health Care and Social Assistance provided                    Prof/Sci/Tech. Services
                                                           Management of Companies
 the second largest number of establishments,                Admin. & Waste Services
 1,740, or 14.8% of total establishments, followed                Educational Services
 by Retail Trade with 1,200 (10.2%), Other              Health Care, Social Assistance
 Services with 1,080 (9.1%), Construction at         Arts, Entertainment & Recreation
                                                      Accommodation, Food Services
 1,010 (8.6%), Accommodation and Food                                   Other Services
 Services with 730 (6.2%) and Wholesale                                          Public
 Trade with 700 (5.9%).                                                          0         500         1,000       1,500   2,000
	
 Each of the top five sectors, Professional and                                                Source: MA EOLWD, MERC
 Technical Services (Prof/Sci/Tech.), Health Care
 and Social Assistance, Retail Trade, Other Services and Construction, had more than 1,000 establishments. The 7,010 total
 establishments in these NAICS sectors represent almost 60% of all the establishments in GMW.
	
 Four sectors: Transportation and Warehousing, Management of Companies, Natural Resources and Mining (NRM) and
 Utilities each had fewer than 200 establishments.

                                           2019 GMW EMPLOYMENT
                                                      By Community

	
 Communities in this graph are ranked from                 Framingham
 the largest to the smallest based on 2019                 Marlborough
 employment levels.                                        Westborough
	
 In 2019, the total number of jobs located in                     Natick
                                                              Hopkinton
 Greater MetroWest (GMW) was 191,900, virtually
                                                                 Hudson
 unchanged from one year earlier. Six communities
                                                          Northborough
 gained employment while seven communities
                                                          Southborough
 lost jobs. The largest percentage gains were in
                                                               Holliston
 Marlborough (+3.4%) and Westborough (+2.9%).
                                                                Sudbury
 Sherborn (-8.8%) and Framingham (-3.3%)
                                                                Ashland
 suffered the largest percentage declines.
                                                               Wayland
	
 Almost one-fourth (24.8%) of GWM jobs were located            Sherborn
 in Framingham, a total of 47,600 jobs. Marlborough
                                                                 0       10,000     20,000        30,000   40,000         50,000
 followed with 33,000 jobs or 17.2%. Westborough, with
 26,100 jobs or 13.6%, and Natick, with 23,400 jobs or                              Source: MA EOLWD, MERC

 12.2% and were the only other communities with more than 10%
 of GMW jobs. Combined, these four communities were home to slightly more than two-thirds of regional employment.
	
 Two communities, Hopkinton and Hudson, each had between 5% and 6% of regional employment; while Northborough,
 Southborough, Holliston and Sudbury were in the 3% to 5% range.
	
 Four GMW communities set new employment records in 2019: Marlborough (33,000), Westborough (26,100), Ashland (5,000)
 and Wayland (4,200).

                                                                  15
EMPLOYMENT
                                                  2019 GMW PAYROLL
                                                                By Community

	
 The Greater MetroWest (GMW) payroll                         $4,000
  climbed by almost $0.5 billion between
                                                              $3,500
  2018 and 2019 to reach a new historical
  high of $15.4 billion. This represents a 3.0%               $3,000
  increase in payroll. In 2019, the largest
                                                              $2,500
  total payrolls were found in Framingham

                                                  Millions
  ($3.8 billion), Marlborough ($3.0 billion)                  $2,000
  and Westborough ($2.2 billion). Two other
                                                               $1,500
  communities had payrolls in excess of $1
  billion: Natick ($1.8 billion) and Hopkinton                $1,000
  ($1.2 billion). Framingham’s share of total
                                                                $500
  payroll, 24.8%, exactly matches the city’s
  share of GMW employment.                                        $0
	

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 Sherborn ($35.6 million), Wayland ($230.5

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 Sudbury ($392.3 million).
                                                                                                          Source: MA EOLWD, MERC
	
 Ten GMW communities experienced total
 payroll increases between 2018 and 2019, led by Wayland (+8.9%) and Marlborough (+8.4%). The next largest percentage
 increases were seen in Ashland (+7.6%), Hudson (+7.1%) and Natick (+7.0%). Payrolls declined in only three communities:
 Sherborn (-5.1%), Framingham (-4.2%) and Sudbury (-2.1%).

                                           2019 GMW AVERAGE WAGE
                                                                By Community

	
 The average annual wage in the Greater                 $120,000
 MetroWest region (GMW) reached a new
 all-time high of $80,500 in 2019. This                $100,000
 represents an increase of 3.1% from the
 2018 average wage.                                          $80,000

	
 Employers in five of the region’s communities               $60,000
 paid average wages above the GMW average.
 Hopkinton led at $108,000, followed by                  $40,000
 Southborough ($97,700), Marlborough
 ($90,100), Westborough ($85,100) and                        $20,000
 Framingham ($80,700). Firms in Holliston
 and Natick paid the next highest average                         $0
 wages at $77,100 and $74,800 respectively.
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 Average wages in Sudbury, Northborough,
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                                                                                                            Source: MA EOLWD, MERC
	
 In addition to having the highest average wages in
 GMW, Hopkinton and Southborough also recorded the largest percentage increases in average wages between 2018 and 2019.
 The average wage in Hopkinton rose 7.9% over that period, while Southborough’s increase was 6.8%.
	
 Between 2018 and 2019, average annual wages declined, and only slightly, in just two of the thirteen Greater MetroWest
 communities. Average wages paid by Sudbury employers fell by only 1.0%, while the fall in Framingham was even smaller at 0.9%.

                                                                              16
EMPLOYMENT
                                     2019 GMW ESTABLISHMENTS
                                                   By Community

	
 The number of establishments, or separate      3,000
 places of work, in Greater MetroWest (GMW)
                                                2,500
 reached a record high of 1 1,760 in 2019, up
 190 establishments an increase of 1.7%.        2,000
	
 Framingham, Marlborough, Natick and           1,500
 Westborough had the largest number of GMW
 establishments in 2019. Framingham led with 1,000
 2,600 establishments (22.1%), followed by
 Marlborough at 1,720 establishments (14.6%).    500
 Natick and Westborough had 1,560 (13.3%)
                                                   0
 and 1,160 (9.8%) establishments respectively.

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 Six out of ten of the region’s establishments
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 were sited in these four communities.

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 The communities with the smallest shares of
                                                                                  Source: MA EOLWD, MERC
 regional establishments were Sherborn with 1.4% of
 GMW establishments, a total of 160; Ashland at 4.1% (480 establishments) and Southborough with 490 establishments, also 4.1%.
	
 Twelve of the thirteen GMW communities saw an increase in establishments between 2018 and 2019. The largest percentage
 increase of 7.3% occurred in Sherborn, followed by a 5.9% increase in Southborough, a 4.1% rise in Northborough and
 Hopkinton’s 4.0% increase.
	
 The only GMW community to lose establishments during this period was Marlborough. The city lost 20 establishments or 1.2%
 of the 2018 total.

                                                                  17
EMPLOYMENT
           2019 EMPLOYMENT COMPARISON GREATER METROWEST REGION
                                                   By Community

                                                                                                           Largest
                                                                  Total Payroll*      Number of
   Community/Region           Number of Jobs*   Average Wage*                                            Supersector
                                                                    (millions)     Establishments*
                                                                                                        (Employment)

         Ashland                    5,000          $51,600            $259              480                   TTU**

       Framingham                   47,600         $80,700           $3,838            2,600                 PBS***

         Holliston                   6,700         $77,100            $513              500                    PBS

        Hopkinton                   1 1,000       $108,000           $1,187             600             Manufacturing

          Hudson                    10,000        $68,000             $678              690                    TTU

      Marlborough                   33,000         $90,100           $2,973             1,720                  PBS

           Natick                   23,400         $74,800           $1,754             1,560                  TTU

      Northborough                   9,500         $59,700            $566              640                    TTU

         Sherborn                    600           $56,200             $36              160                   Public

      Southborough                   8,200         $97,700            $801              490                    PBS

         Sudbury                    6,600          $59,800            $392              670                   TTU**

                                                                                                          Leisure and
         Wayland                    4,200         $54,400             $231              500
                                                                                                          Hospitality

      Westborough                   26,100         $85,100           $2,219             1,160                  PBS

        MetroWest                   1 13,300       $79,500           $9,011             7,670                  PBS

  Greater Marlborough
                                    78,500         $82,000           $6,436            4,200                   PBS
        Region

         Greater
                                   191,900         $80,510           $15,447           11,760                  PBS
        MetroWest

                                                                                                        Education and
      Massachusetts               3,633,400        $75,490          $274,265          261,290
                                                                                                        Health Services

      United States              148,105,100       $59,200         $8,769,109        10,233,820                TTU
                                                                                                  Source: MA EOLWD, US BLS, MERC
*Rounded
**Trade, Transportation and Utilities (TTU)
***Professional and Business Services (PBS)

                                                             18
EMPLOYMENT
                                 1980 - JUNE 2020 GMW EMPLOYMENT
                         Rapid Decline in the First Few Months of the Pandemic

 	
  After reaching all-time high levels in 2018,   250,000
  Greater MetroWest (GMW) employment
  remained mostly unchanged in 2019. This
                                                   200,000
  was followed by a rapid decline during the
  first few months of the COVID-19 pandemic.
 	                                               150,000
  GMW had nearly 191,900 jobs in 2019, which
  represents an increase of 10.2%, or nearly
  1 1,100 jobs, from 2009. However, this number 100,000
  decreased significantly between March and
  April 2020, as the economic shocks of the
  pandemic were in full effect. Nearly 30,600      50,000
  jobs, or 16.4% of the total, were lost in April
  2020 alone, which represents one of the
                                                        0
  fastest and deepest declines in recent history.            1980
                                                                    1982
                                                                           1984
                                                                                  1986
                                                                                         1988
                                                                                                1990
                                                                                                       1992
                                                                                                              1994
                                                                                                                     1996
                                                                                                                            1998
                                                                                                                                   2000
                                                                                                                                          2002
                                                                                                                                                 2004
                                                                                                                                                        2006
                                                                                                                                                               2008
                                                                                                                                                                      2010
                                                                                                                                                                             2012
                                                                                                                                                                                    2014
                                                                                                                                                                                           2016
                                                                                                                                                                                                  2018
                                                                                                                                                                                                         Jan. ’20
                                                                                                                                                                                                                    March ’20
                                                                                                                                                                                                                                May ’20
 	
  A partial employment recovery took place in
  GMW during the May-June 2020 period. By                                                                                          MW                     GMR
  June 2020, GMW had regained nearly 10,300                                                        Source: MA EOLWD, MERC
  jobs, a 6.5% increase relative to April 2020.                     Notes: Shaded region represents monthly data. Greater MetroWest value is equivalent to the
                                                                                sum of MetroWest (MW) and Greater Marlborough Region (GMR).
 	
  Employment levels in both MetroWest (MW) and the
  Greater Marlborough Region (GMR) were affected significantly during the early months of the pandemic. That being said,
  the monthly decline in jobs during April 2020 was slightly more pronounced in MW, where the number of jobs decreased by
  16.9%. By comparison, GMR employment decreased by 15.2% during this same month.

          Q1 - Q2 2020 NET EMPLOYMENT CHANGE IN GMW COMMUNITIES
                                               All Communities Affected

	
 The effects of COVID-19 on employment were                                                             -16.6%                                                                                           Ashland
 first seen in the second quarter of 2020, when
                                                                                                                      -13.7%                                                                             Framingham
 Greater MetroWest (GMW) total employment
                                                                                                                                            -8.9%                                                        Holliston
 decreased by nearly 27,000 jobs, or about 14.2%
 relative to the previous quarter. While the degree                                                                                              -8.0%                                                   Hopkinton
 to which individual GMW communities were                                                               -16.4%                                                                                           Hudson
 affected was different, all thirteen communities                                                                     -13.5%                                                                             Marlborough
 in the region experienced contractions in their                    -23.8%                                                                                                                               Natick
 levels of employment.                                                                                                             -10.9%                                                                Northborough
	
 The four largest percentage declines in the number                                                                                                             -4.9%                                    Sherborn
 of jobs between the first and second quarter of                                                                                                    -7.7%                                                Southborough
 2020 were experienced by Natick (-23.8%, or                                                                   -14.6%                                                                                    Sudbury
 5,533 jobs), Wayland (-18.1%, or 677 jobs), Ashland
                                                                                                 -18.0%                                                                                                  Wayland
 (-16.6%, or 835 jobs), and Framingham (-13.7%,
                                                                                                                            -12.8%                                                                       Westborough
 or 6,291 jobs). On the other hand, Sherborn
 (-4.9%, or 29 jobs) and Southborough (-7.7%,        -30%              -25%                     -20%                   -15%                      -10%                   -5%                       0%
 or 633 jobs) were the least affected.                                                         Source: MA EOLWD, MERC
                                                                    Note: Quarterly employment numbers are based on the average of respective months.
	
 In terms of actual jobs lost during the second
 quarter of 2020, Framingham, Natick, Marlborough, and Westborough lost the most jobs in the region. These four municipalities
 combined accounted for 73.4% of all of the job losses in GMW. It is important to note that as of the end of 2019, these four
 communities accounted for 67.8% of the total number of jobs. This disparity suggests that the employment effects of the COVID-19
 Pandemic in the Q2-2020 disproportionally affected these four communities, relative to the remaining GMW communities.

                                                                           19
EMPLOYMENT
                               1980 - Q2 2020 GMW TOTAL ESTABLISHMENTS
                      Number of Establishments Mostly Unaffected by the Pandemic

14,000                                                                                                               	
                                                                                                                      The number of establishments in
                                                                                                                      Greater MetroWest (GMW) has
12,000
                                                                                                                      increased significantly in the past
                                                                                                                      four decades. By the end of the year
10,000
                                                                                                                      2019, the number of establishments
8,000
                                                                                                                      located in GMW was 144.2% larger
                                                                                                                      than it was in 1980, and 16.7% higher
6,000                                                                                                                 compared to 2009.
                                                                                                                     	
                                                                                                                      Unlike the clear reductions seen in
4,000
                                                                                                                      terms of jobs during the second quarter
                                                                                                                      of 2020, the number of establishments
2,000
                                                                                                                      was mostly unchanged during the first
                                                                                                                      six months of 2020. In fact, there was a
    0
                                                                                                                      slight increase (0.3%) in the number of
            1980
             1981
             1982
             1983
             1984
             1985
             1986
             1987
             1988
             1989
            1990
             1991
             1992
             1993
            1994
             1995
             1996
             1997
             1998
             1999
           2000
            2001
            2002
            2003
           2004
            2005
            2006
            2007
            2008
            2009
            2010
            2011
             2012
             2013
            2014
             2015
            2016
             2017
             2018
            2019
         2020 Q1
         2020 Q2
    0
                                                                                                                      establishments in the second quarter of
                                               MW              GMR
                                                                                                                      2020 relative to the previous quarter.
                                                                                                                     	
                                                                                                                      The MetroWest (MW) region continues
                                       Source: MA EOLWD, MERC
           Notes: Shaded region represents quarterly data. Greater MetroWest value is equivalent                      to make up approximately 64%
                  to the sum of MetroWest (MW) and Greater Marlborough Region (GMR).                                  of all establishments in GMW. The
                                                                                                                      Greater Marlborough Region (GMR)
                                                                                                                      accounts for the remaining 36% of
                                                                                                                      establishments.

                          Q1 - Q2 2020 GMW, MA, US NET PERCENT CHANGE
                                       Consistent Losses in Employment and Payroll

  	
   The economic effects of the COVID-19                          2%
    Pandemic first became evident during                         0%
    the second quarter of 2020 at the                                                                                                        0.4%      0.7%     0.3%
                                                                 -2%
    national, state, and regional level.
                                                                -4%
    Employment and payroll in the United
    States, Massachusetts, and Greater                          -6%
    MetroWest (GMW) decreased significantly.                    -8%
                                                               -10%       -1 1.1%
  	
   Massachusetts and Greater MetroWest
    were hit particularly hard by the                           -12%                                       -13.5%
                                                                                    -14.1% -14.2%
    disruptions of the pandemic, especially                    -14%
                                                                                                                     -16.1% -16.4%
    when compared to the national average.                      -16%
    Nearly one out of every seven jobs in
                                                                -18%
    Massachusetts and Greater MetroWest
                                                                                    Employment                         Payroll                   Establishments
    disappeared during the second quarter
                                                                                                     US                MA                GMW
    of 2020. By comparison, this number
    was close to one out of nine jobs in the                                                                                                    Source: MA EOLWD, MERC
                                                                                         Note: Quarterly employment numbers are based on the average of respective months.
    United States during the same period.
  	
   While job losses during the second quarter of 2020 were significant, the decline in payroll was even more pronounced. In
   the case of Massachusetts and GMW, payroll decreased by over 16% in that quarter. It is also important to note that, as with
   employment, the state and the GMW region were slightly more affected than the nation overall.
  	
   In contrast to the declining employment and payroll levels, the number of establishments in the United States, Massachusetts,
    and GMW experienced a slight increase during this time period.

                                                                                    20
HOUSING

T     e MetroWest Economic Research Center
     h
     (MERC) at Framingham State University
collects and analyzes data on housing permits
                                                       Banker & Tradesman. Most of these data are available
                                                       from 1987 forward, and were significantly revised
                                                       in the spring of 2008 in order to better capture
issued and existing home sales for Greater             market activity. Hence, some of the housing figures
MetroWest (GMW), the aggregated MetroWest              in this report are not directly comparable to the values
CCSATM and Greater Marlborough Region.                 reported in previous MERC publications. Data are
The MetroWest CCSATM includes Ashland,                 collected on single and multi-family residences sold
Framingham, Holliston, Hopkinton, Natick,              in the thirteen communities. Median house price is
Sherborn, Southborough, Sudbury and Wayland.           measured at the 50th percentile in each town; that is,
The Greater Marlborough Region includes Hudson,        half the homes sold for more than the median price
Marlborough, Northborough, and Westborough.            and half sold for less than the median price. Median
MERC gathers housing data for these thirteen           prices for the regions are estimated. It is important
communities from several sources.                      to remember that a change in median price does not
                                                       reflect appreciation or depreciation in the value of
Information on existing home sales is based            individual homes. Rather, there is a different mix of
on data published by The Warren Group for              homes sold each year.

                                                  21
HOUSING
                          1987 - 2020 GMW SINGLE FAMILY HOME SALES

	
 Sales of existing single family homes are shown               4,500
 for Greater MetroWest (GMW) by the height of                  4,000
 this graph. The data is shown for a 33-year
 period from 1987 to 2020. These sales consist                 3,500
 of a different mix of homes sold each year, and               3,000
 do not represent a change in value of the homes.
 The green area shows the sales of existing                    2,500
 homes in the nine communities of MetroWest
                                                               2,000
 (MW) while the orange area refers to the four
 communities of the Greater Marlborough                        1,500
 Region (GMR).
                                                               1,000
	
 The largest one-year percentage decrease in
                                                                500
 single family home sales occurred 1999 to 2000,
 representing a 16.9% drop; the largest one-year                  0
 percentage increase occurred between 1990 and                          1987
                                                                        1988
                                                                        1989
                                                                        1990
                                                                        1991
                                                                        1992
                                                                        1993
                                                                        1994
                                                                        1995
                                                                        1996
                                                                        1997
                                                                        1998
                                                                        1999
                                                                       2000
                                                                       2001
                                                                       2002
                                                                       2003
                                                                       2004
                                                                       2005
                                                                       2006
                                                                       2007
                                                                       2008
                                                                       2009
                                                                       2010
                                                                        2011
                                                                        2012
                                                                        2013
                                                                        2014
                                                                        2015
                                                                        2016
                                                                        2017
                                                                        2018
                                                                        2019
                                                                       2020
 1991, representing a 23.0% increase in single family
 home sales in GMW.                                                                              MW         GMR
	
 Low points in single family home sales in GMW occurred in 1990, 1995,         Source: The Warren Group and MERC
 2001, 2008, and 201 1; whereas peaks occurred in the years 1999 and
 2004. The fewest homes sold in GMW occurred in 1990 at 2,099 units sold, and the peak occurred in 1999 at 3,986 units sold.
	
 From 2019 to 2020, MW experienced an increase of 1 14 units sold or 5.2% and GMR experienced a decrease of 4 units sold
 or -0.5%.

                                 2020 GMW SINGLE FAMILY HOME SALES
                                                              3,136 Units Sold

                    Westborough                    Ashland                          	
                                                                                     In 2020, 3,136 existing single family homes
                         6.7%                       5.6%                             were sold in Greater MetroWest (GMW). This
             Wayland                                                                 represents an increase of about 110 homes from
                5.9%                                                                 the previous year.

      Sudbury                                                                       	
                                                                                     Framingham and Natick were the only two
       8.4%                                                                          communities to have over 300 single family home
                                                                       Framingham
                                                                         19.4%       sales in 2020 and these communities combined
Southborough                                                                         for 32.2% of all single family home sales in GMW.
   4.8%                                                                             	
                                                                                     The nine communities of MW combined to
  Sherborn                                                                           contribute 73.4% or 2,303 single family home
    2.1%                                                                             sales and the four communities of GMR contributed
                                                                        Holliston    26.6% or 833 single family home sales in 2020.
   Northborough                                                           7.5%
       5.3%                                                                         	
                                                                                     Framingham and Natick were the only communities
                                                                                     to each contribute over 10% of total sales and
                Natick                                         Hopkinton             Sherborn and Southborough were the only to
                12.9%                                             7%                 contribute less than 5%.
                           Marlborough                 Hudson                       	
                                                        5.7%                         Framingham accounted for nearly one fifth of all
                                8.9%
                                                                                     single family home sales made in the entire GMW in
                          Source: The Warren Group and MERC
                                                                                     2020, 19.4%. Sherborn accounted for the smallest
                                                                                     percentage of single family homes sales in GMW at
                                                                                     only 2.1%.

                                                                         22
HOUSING
                                EXISTING SINGLE FAMILY HOMES SOLD
                                            GMW % Change 2019 to 2020

	
 This graph shows the percent change in             50%
 existing single family home sales from             40%
 2019 to 2020 in Greater MetroWest (GMW)
 and in each of its thirteen communities, as        30%
 well as Massachusetts (MA).                        20%
	
 In 2020, there were 1 10 more units sold in        10%
 GMW than in 2019, a 3.6% increase. MA,
                                                     0%
 on the other hand, reported a 2,308-unit
 increase from 2019, or 3.9%, respectively.         -10%
	
 Holliston and Westborough reported the            -20%
 largest percent increases in units sold
                                                   -30%
 between 2019 and 2020. Holliston reported
 71 additional units sold, equivalent to a         -40%
 43.3% increase, and Westborough reported
                                                               Ho m
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 55 additional units sold, an increase of 35.7%.

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 In Southborough and Wayland, an additional

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 21 units were sold in 2020, a 16.3% and 12.7%
 increase, respectively. Ashland remained in the top                           Source: The Warren Group and MERC
 four for largest percent increases in units sold at 15.1%.
	
 Sherborn and Northborough reported the largest percent decreases in units sold between 2019 and 2020. In 2020,
 Northborough saw a 9.7% decrease in units sold from 2019 and Sherborn, a 27.8% decrease.

                  1987 - 2020 GMW SINGLE FAMILY MEDIAN SALE PRICE

	
 This graph shows the estimated              $700,000
 median sale price of existing single
 family homes in Greater MetroWest           $600,000
 (GMW) during the 33-year period
 from 1987 to 2020. Please note that         $500,000
 these sales represent a different
 mix of homes sold each year and,           $400,000
 therefore, do not reflect the changes
 in the value of individual homes.           $300,000
	
 The data series reached a new peak
                                             $200,000
 in 2020 with an estimated median
 sale price of $595,643 representing
                                             $100,000
 an almost 200% increase from the
 1987 median sales price of $204,758.
                                                   $0
	
 The biggest one year increase during
                                                         1987
                                                         1988
                                                         1989
                                                         1990
                                                         1991
                                                         1992
                                                         1993
                                                         1994
                                                         1995
                                                         1996
                                                         1997
                                                         1998
                                                         1999
                                                        2000
                                                        2001
                                                        2002
                                                        2003
                                                        2004
                                                        2005
                                                        2006
                                                        2007
                                                        2008
                                                        2009
                                                        2010
                                                         2011
                                                         2012
                                                         2013
                                                         2014
                                                         2015
                                                         2016
                                                         2017
                                                         2018
                                                         2019
                                                        2020

 the last decade occurred between 2019
 and 2020, when prices were $546,092
                                                                            Source: The Warren Group and MERC
 and $595,643, respectively. This increase
 of almost $50,000 represents a 9.1% gain.
	
 The most recent low point for estimated median sales price in this region occurred in 2009 at $381,181. There was a 56.3%
 increase from 2009 to 2020, during which the estimated median sale price increased by nearly $215,000.

                                                                23
HOUSING
                                 EXISTING SINGLE FAMILY HOME PRICES
                                                         GMW Communities

                                                                                     	
                                                                                      This map shows the 2020 median sale prices
                                                                                      for existing single family homes in the thirteen
                          Hudson                                                      communities of Greater MetroWest (GMW).
                         $439,000                      Sudbury
                                                      $799,900
                                                                                      Median sale prices ranged from a low of
                                                                     Wayland
                                                                                      $439,000 in Hudson to a high of $800,000
                         Marlborough
                          $440,000                                   $783,750         in Sherborn.
 Northborough                                                                        	
                                                                                      Six of the thirteen communities had median
  $480,000                                        Framingham
                          Southborough                                                sale prices under $550,000. Ashland,
                                                   $496,000
                            $720,000                                   Natick         Framingham, Holliston, and Northborough
                                                                      $712,500        registered between $450,000 and $550,000.
      Westborough
       $585,000                                Ashland                                Only Hudson and Marlborough posted median
                                              $488,500                                sale prices below $450,000.
                                                                 Sherborn
                           Hopkinton                             $800,000            	
                                                                                      Seven communities had median sale prices
                           $675,000
                                                                                      above $550,000. Westborough was the only
                                               *.) Holliston
   ≤ $450,000                                      $540,000                           community between $550,000 and $650,000
   $450,001 - $550,000                                                                at $585,000. Natick came in at $712,500.
   $550,001 - $650,000                                                                Hopkinton had a median sale price of
                                                                                      $675,000 and Southborough had a median
   Over $650,000
                                                                                      sale price of $720,000. Sherborn, Sudbury
                            Source: The Warren Group and MERC                         and Wayland posted the highest median
                                                                                      sale prices at $800,000, $799,900, and
                                                                                      $783,750, respectively.

                           EXISTING SINGLE FAMILY MEDIAN SALE PRICE
                                                GMW % Change 2019 to 2020

	
 Twelve of the thirteen communities                       16%
 experienced increases in median price                    14%
 between 2019 and 2020. Natick recorded the
 largest percentage increase in median price              12%
 at 15.9% from $615,000 in 2019 to $712,500               10%
 in 2020. Holliston had the second largest
 percentage increase of 14.9% from $469,950                8%
 in 2019 to $540,000 in 2020.                              6%
	
 Only one of the thirteen communities                      4%
 experienced a decrease in median prices
                                                           2%
 between 2019 and 2020. Ashland recorded
 a decrease in median price of 2.3% from                   0%
 $499,950 in 2019 to $488,500 in 2020.
                                                          -2%
 Sherborn registered the smallest percentage
 increase at 0.5% from $795,800 in 2019 to                -4%
 $800,000 in 2020.
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 From 2019 to 2020, Massachusetts
                                                            As

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 experienced an increase of 1 1.5%, which is
                                                                Fr

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 a higher percentage increase than ten of the
                                                                                 Source: The Warren Group and MERC
 communities in GMW and is 2.4 percentage
 points higher than the overall change in GMW.

                                                                      24
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